HAFA, the Home Affordable Foreclosure Alternatives program is a program created by the Treasury in order to help distressed borrowers avoid foreclosure. Aside from the Treasury’s HAMP (loan modification) program, this is another available option in the arsenal of foreclosure avoidance.
Lots of folks already know that a HAFA short sale will net the short sale sellers $3000 at closing. But, there are several other key differences between a traditional short sale and a HAFA short sale.
Using several different categories, this handy chart (information courtesy of Bank of America) breaks down the differences between a traditional short sale and a HAFA short sale. It is important for short sale listing agents to have a general familiarity with the key differences between the traditional short sale and the HAFA short sale. In this way, the listing agent will know how best to navigate the short sale process.
Differences Between a HAFA Short Sale and a Traditional Short Sale